The local banking sector reported higher net profit for 2021 thanks to lower loan-loss provisions and improved operating profit, despite challenging economic conditions given the impact of the prolonged pandemic.
CP scion prepares for bad debt bonanza
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published : 6 Jul 2021 at 10:22 Schwin Chiaravanont (Photo supplied)
Just three months after the government threw a 350 billion baht lifeline to businesses struggling to survive the pandemic, a scion of Thailand’s wealthiest business dynasty is betting the bailout won’t be enough to stanch a deluge of distressed assets.
Schwin Chiaravanont whose family controls the 100-year-old Charoen Pokphand Group is planning to raise $500 million for his flagship private-equity venture 9 Basil, which aims to use most of the new money to step up purchases of distressed assets. The fund is positioning itself to benefit from bad loans soaring from a 16-year high as the Thai economy battles its worst recession since the Asian crisis of the late 1990s.
Capital crush
published : 5 May 2021 at 04:00
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As the pandemic slogs into its second year, Thai companies are increasingly looking to capital markets as a source of funding during a time of unreliable investor sentiment.
The Thai initial public offering (IPO) market is expected to remain active for the next few years, grabbing a leading spot in Asean, spurred by a slow economic recovery that is forcing unlisted firms with low liquidity to seek working capital.
Businesses run by large families are now more interested in listing on the Stock Exchange of Thailand (SET) to raise funds for expansion and liquidity enhancement after suffering from the pandemic for over a year, said Anuwat Ruamsuke, managing director of Phatra Securities.